Vietnam

New Documents

The Asia/Pacific Group on Money Laundering published a mutual evaluation report on the anti-money laundering and counterterrorist financing regime of Vietnam, highlighting that the jurisdiction has made significant progress to develop an understanding of its risks and to implement reforms.

The State Bank of Vietnam announced that it signed a memorandum of understanding with the Central Bank of the Russian Federation to improve cooperation in response to cyberattacks.

News

Enforcement Actions

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Important Facts

  • The U.S. Department of State categorizes Vietnam as a major money laundering jurisdiction. Vietnam’s economy is largely cash-based and while the use of bank accounts is increasing but remains vulnerable to money laundering through false declarations, including fictitious investment transactions and customs fraud, The Department of State additionally notes that Vietnam’s tech-savvy population and newly legalized local casinos may lead to additional exposure to illicit finances. Such illicit finances stem from high-value sales of luxury items and real estate; public corruption. Sources of illicit funds include organized crime groups in Asia, Europe, and North America. Vietnam has in place know your customer and suspicious transaction reporting requirements. In 2018, Vietnam prosecuted over 90 defendants accused of criminal charges associated with illegal online gaming and obtained convictions against almost all defendants, including four on money laundering charges.
Source: 2019 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 2 High : 0
Largely Compliant : 11 Substantial : 2
Partially Compliant : 23 Moderate : 2
Non-Compliant : 4 Low : 7

BASEL i

Rank : 12/141
Score : 7.04/10

TRANSPARENCY INTERNATIONAL i

Rank : 96/180
Score : 37/100

Tax Justice Network i

Rank : 37/133
Score : 74/100